Plastic maker Spartech Corp. is being acquired by PolyOne Corp, a Cleveland-based competitor, for $393 million.
The sale, announced this morning, is expected to close in early 2013, pending regulatory approval and approval from Spartech’s shareholders. Spartech shareholders will receive cash and stock valued at $8 per Spartech common share, the companies said in a statement. The deal also includes the assumption of Spartech’s net debt that totals $142 million. Read more on St. Louis Post-Dispatch.